Total acquires 75% interest in Block SC56 offshore Philippines

8/23/2012

Total acquires 75% interest in Block SC56 offshore Philippines

BY GERALDINE AMIEL

PARIS--Total thursday said it acquired a 75% interest in the offshore block SC56 in the Sulu Sea, off the coasts of the Philippines from Mitra, which will retain a 25% stake. The group didn't disclose the financial details of the transaction.

The block covers an area of around 4,300 sq km in water depths ranging from 200 to 3,000 meters. A new exploration phase will start on 1st September and Mitra will initially operate the seismic works, after which the operatorship will be transferred to Total for the drilling works.